Brainerd Bn Credit Union

Nonprofit profile at a glance

EIN
410800286
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Brainerd, MN, USA
Phone
2188299065
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$5,938,765
Expenses
$5,103,976
Assets
$122,550,331
Liabilities
$109,093,329

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

12 people listed

Executive titles in this filing

  • KAYCIE HOFMANN (PRESIDENT/CE)

Highest reported compensation

  • DAVID LARSON (CHIEF FIN'L): $158,109 total reported compensation
  • KAYCIE HOFMANN (PRESIDENT/CE): $136,396 total reported compensation
  • CINDY STUNEK (CHIEF OPER O): $128,217 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We dedicate all our efforts to providing members the best financial products and services available while maintaining financial stability.

What it reported doing in 2025

- loan servicing (expenses 55,593) expenses related to providing loans to members. - corporate credit union expenses (expenses 18,211) expenses related to providing financial service to members such as wiring funds, cashing checks, and ach transactions. - annual meeting (expenses 8,888) expenses related to annual meeting to vote for board of directors and committee members and present the prior year financial results to members.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Member-benefit provider. The nonprofit used 87% of its reported program spending for member benefits.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 60
  • Accountability: 86
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.8%; rating input score 67
  • Program expense ratio: 51.1%; rating input score 51
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14.1%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 24.01; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.89; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 11.4%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 17.9% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 6.8% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 5% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 66.8% of revenue deployed · 51.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $2.6M in reported program spending
  • Leadership: top reported pay $158K · 12 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Program expense ratio scored 51/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.